Recap of Cardence AMAs in various groups
Hi Guys
Lately, it has been a busy schedule. We started the community 10 days back and now we are 35k members in Telegram and 43K followers on Twitter. This has been a great achievement. On popular demand, we conducted three AMA sessions in last 4 days.
We are publishing a recap of the AMA so that those who could not attend can be acquainted.
Q-> Can you please introduce yourselves to the community.
Obaid Ul Ahad this side. I passed out of one of the IITs in India which is its premier engineering college. Started a cross border E-commerce company in 2015. Have also run private label fashion brands.
Started a cloud kitchen company in 2018 which had to be shut in a year.
Joined a company known as Spinny as one of the first employees and scaled it to a $ 500 million valuation.
Left job to start Cardence. Have been a crypto investor , enthusiast since 2017.
Q-> Please give us a sneak peak of your Roadmap?
I am attaching our roadmap here.
Our first product is a decentralized presale app for conducting presales of tokens in a decentralized manner and a trustless ecosystem.
We want to quickly launch this product first. Then we will start working on other plans. So in terms of tech , our next task will be to create staking and farming platforms. Simultaneously, we will be working on the launchpad product.
After that we want to dedicate more time in scouting for great Cardano projects and onboarding them.
Then we have other Dapps in pipeline like Locker, Smart Mint.
We will be adding more Dapps which supports trustless ecosystem through smart contracts.
Then we will start integrating other chains in our project for cross chain interoperability.
We will then start working on our permissionless listing system through voting mechanism and the final move will be towards a complete DAO structure.
All in all, its gonna be a busy year.
Q-> Every project has a final goal which it is aiming to reach. Whats that final goal Cardence?
Cardence is clear in its goal : To be able to create a completely decentralized ecosystem for presales and creating an environment which fosters innovation in the Cardano sphere.
Q-> Please shed some light on the Benifits of Cardence?
Cardence is not just a launchpad : Its an ecosystem. It will be a service with all decentralized features under one roof : Launchpad, decentralized presales, codeless minting of tokens, staking, farming, idea and innovation management centre, incubator, accelerator.
We are building something special. Come and be a part of it.
Q-> Do you have a plan to identify your team later?Almost every investor is interested in large Defi projects as it delivers high returns and is fast. For what reasons can convince small and large investors to trust and invest in your project?
We are not a “makes you rich in a day” kind of project. We have a solid team, a solid roadmap, a solid execution plan in place. Fairly speaking, we are not worried about short term price actions. If we succeed in building compelling products and to assimilate the news through marketing, then we are going to succeed anyways.
We were able to gain 42K followers on Twitter and 33k members on our TG within 10 days. This is a statement of our ability to market. ( Remember we have not raised any funds yet. )
Our product is already in making and the progress will be shared here. You can see that we are building solid products.
So we are not talking in empty air. We have things to back up our claims. This is the journey to the moon. Come aboard the ship. Our ship is slow and steady , but secure.
Q->What is the structure of this project , is it decentralized or a open sourced protocol where everybody can contribute? If so, how does the governance plan on being handled?
Our products are completely decentralized. For now, we are not open source. This is a decision that we would like to leave to the community. If community wants to make it open source, we are for it.
Nevertheless, all the smart contracts will be on the blockchain and easily verifiable.
The governance voting mechanism is not decided yet, but CRDN will also act the governance token. As such, there will be only one token for all purposes.
Q->There are a lot of crypto enthusiasts who don’t understand the English language well enough and don’t speak well. So, are you aiming to use local communities to raise more awareness of your project among these people in different countries?
Definitely yes. For now, I want community members to come forward and demand us to build separate communities in their languages. I would like to start with Arabic. Even if I got 20 messages in group or 10 DMs to make an Arabic Cardence group, I will do it and also provide them with an Arabic admin. I am also looking forward to engage with the Turkish and Russian communities.
These things are on our priority and we are completely open to this idea.
Q->What is the ultimate vision that Your project is trying to achieve within the cryptocurrencies market? Obviously the whole space will experience huge growth in the upcoming years, but what role would you like Your project play in this?
Ans: The ultimate vision is to democratize innovation. Give power back to the community and to create a platform for efficient exchange of ideas. The landscape should be such that deserving teams must get the attention they deserve and community support to these teams both in terms of intellectual as well as financial capital can be realized.
Q->What is the strategy used by Your Project to attract new users and investors and keep them in the long term?
So far , we are relying on two things. A strong project with clear products and a viral marketing strategy through network effects.
We have not raised any funds yet , but we still have thousands of people joining us daily. In fact, we have not spent any money on marketing since 4 days and still more than 5000 people joined us during this period. This is the result of the viral marketing being done.
Once we raise some funds, we are pretty sure that we will be able to do massive marketing campaigns to create awareness about the project.
Marketing has its limitations. A bad product cannot be sold via marketing. As such, what is on offer is equally essential. Our focus is entirely upon creating compelling Dapps with real world use cases and easy UI for mass adoption.
Apart from this, we an a public non anonymous team. There is no fear of a rug pull. We are very concerned about our reputation and will never do a thing which may tarnish it. This is a compulsion which anonymous teams do not face.
Q->Can you briefly describe what is Cardence ? We would like to know more about it and how it works.
Cardence is a launchpad for Cardano projects launching on BSC mainnet. We are creating a trustless presale ecosystem in the Cardano sphere.
It essentially consists of two platforms :
1. A decentralized presale platform allowing anyone to do presales in a trustless manner. Main features of the platform are : allows whitelisting, allows release of tokens according to vesting schedule through smart contracts and auto locking of liquidity on DEX.
2. An IDO platform for carefully vetted Cardano projects allowing the same trustless features as decentralized one.
Q->What are your main features that distinguish you from other projects and what competitive advantages do you have?
We are more of a swiss army knife of launchpads than a vanilla launchpad. We are creating a series of Dapps to create an entire ecosystem to support the community. In terms of immediate differences :
We have two facets : One is a decentralized DEX which will be open to everybody. It creates a trustless ecosystem for fund raise and some new features are there which is not present in any other presale platform : Allows whitelisting based on wallet address, allows for a vesting schedule for release of tokens through smart contracts. Other features like auto locking of liquidity ( also available in other presale platforms )
Second is the IDO launchpad which is very similar to other competitors in the space.
We have standard staking and Liquidity mining rewards inbuilt in the tokenomics which is not there in our competitors.
We are trying to create an ecosystem. An ecosystem which fosters innovation. We will have lockers , SmartMint ( allowing anybody to create customized tokens ) , DAO structure for automating listing procedure, development center to execute community proposals , letting community take charge of projects and bring ideas. We ultimately plan to create an innovation management center where everything is managed by the community and our teams only execute it. We have focused on generating revenue streams for continuous operations. Community will have the right to even remove the founding team if they feel that we are not working properly.
Q->what are the benefits and advantages of owning $CRDN tokens? what is the initial supply of $CRDN tokens? for what purpose is the $CRDN token created? when will the $CRDN token be released? when is the right time to burn $CRDN tokens?
CRDN is a utility token as well as governance token. There are four main benefits of holding the tokens:
1. Being able to participate on IDOs launching on Cardence platform. The participation will be guaranteed for everyone having tokens above a minimum threshold.
2. Have the first right to access sales on Cardence decentralized presale DEX.
3. To be able to earn standard rewards for staking and liquidity mining. A 2% fee is charged on every transaction which goes as reward to stakers and liquidity miners. They also get rewards from the liquidity mining reserves.
4. It will act as a governance token for decision making and for running the DAO.
Total supply is 50 million but that it going to be subject to a vesting schedule. Initial supply will be 11.75 Million
Fairly speaking , I don't believe in burning of tokens. It is better to lock them up for longer terms so that the project can be sustained. We are a company which needs to run in perpetuity.
Q->On their page it says that after the Cardano Plutus platform is launched they will move to the main Cardano network, but what will happen with the tokens in BSC? Will they still be available there or will users have to move them ?
We could not launch on Cardano network directly as there was no smart contract functionality there.
We are committed to shift to Cardano after the Alonzo hardfork is completed in September this year.
We plan to use simple 1:1 swapping for the same.
The greater question is as to what will happen to the presale platform which will run on BSC. We will migrate the platform to Cardano. But we will have an option of keeping the BSC one alive, if the community wants that. It will happen by : We will shift the BSC platform to a new domain. Will issue new tokens for that platform and will airdrop those tokens to existing holders. This will be easy to do and will create additional value to the token holders. That is subject to community agreeing to it.
Q->Cardence has a “SmartMint” feature can you explain a bit about this feature? what is it used for and how is it used? what are the benefits of SmartMint for users?
This is a very interesting feature that we are working on. This is a complex feature which will allow creation of new tokens on Cardano network without writing any single code. Tokens will be fully customisable : inflationary, deflationary, rebase . Also, it will have option of distributing transaction fees. We also plan to add the feature of keeping readymade templates ( like a safemoon template, a Shiba Template, and Elongate Template ) which can be used instantly to create new tokens. It will be particularly helpful for Meme token community and builders and also for artists to create fan tokens and concentrate on their art.
Q->What are your plans regarding private sale? When will you conduct it? How can I participate in the private round? What are requirements? When is public round? How to participate in it?
As much as we may hate to raise funds prior to launch, it becomes a necessity to keep up with the costs associated with development, marketing , and team. We plan to start a private sale round for a small group of investors to raise enough funds to be able to do the right kind of marketing which is required.
We will have a private round which will be open to everybody. Anybody can participate. There will a minimum threshold of $500 dollars. We have not carved out the details yet. But we will announce in our announcement channel https://t.me/cardenceann . SO request everybody who is interested to join the channel.
We will float a form where interested investors can express their desire. Then we plan to do a closed AMA on zoom with these investors and come to a conclusion regarding the process, vesting schedule, price , use of funds etc. Once these things are finalized, we will move with the funding round.
For public round : Public round will happen in stages. Ideally , we want to start public round after first product launch which is a decentralized presale dex.
IEO : We are also in talks with major exchanges regarding an IEO. If the private investors and community will favor that, we can go with that.
In any case , there will be a public sale for everybody and a DEX listing on pancakeswap. We will carve out the final plans.
Q->What are the key milestones on your roadmap — both things you have already achieved and things that we can look forward to? Any partnerships and short/long term technical milestones that you want to talk about or bring some attention to?
In my view, our roadmap is very clear. Our key milestones are defined in our roadmap . To summarize :
1. Decentralized presale platform
2. IDO launchpad for vetted projects
3. Smart Mint
4. Decentralization of listing process and moving to a DAO structure. Rest others are enablers of these goals.
In terms of what is done : We have almost finished the front end of the presale platform . Basically , it is a decentralized presale platform which features not available anywhere else.
Think of it like a dxsale + allows release of tokens according to a vesting schedule + allows sale creators to whitelist wallets which will be allowed to participate.
Q->Does the community play an important role in a project? How far has your community developed. And do you have any plans to meet face to face with the community? Or create a special community forum in person?
Community is the centreplace of all our activities. We want to create a vibrant community around our project.
We are doing AMAs almost every other day to be able to connect to people. We would love to meet face to face once the project becomes more popular.
We consider middle east as a vibrant place. We are looking forward to build an arabic community and trying to gain enough arabic supporters. Would request members here to reach out to me on telegram personally and help me in building the arabic community.
Q->Could you please tell us about your listing plan? Especially those involving major exchanges, such as CEX and DEX.. What type of Partnership are CARDENCE looking for and what are CARDENCE plans for going forward?
We have the following plan :
1. Private round in next 7 days.
2. Presale round in 3 phases.
3. We are also doing an IEO whose price will be higher than all presale prices. IEO is planned to be on Probit which is a popular exchange and gave a $2 million IEO last week itself. Oversubscribed
4. Listing on pancakeswap and Probit simultaneously on same day.
The plan is subject to change if private investors want something else.
Q->Can you list 1–3 killer features of Your Project that makes it ahead of its competitors?
What is the competitive advantage your platform has that you feel most confident about?
Few killer features which are not present in any other project on any other network ( leave alone cardano or BSC ) are :
1. Our presale app allows sale creators to whitelist participants. They can choose who is allowed and who isn't.
2. Our presale app allowed release of tokens according to a vesting schedule. For example, release 30% at end of sale and then 17.5% every 30 days for 5 months.
Other features which are a novel approach are :
1. Smart Mint : This allows anyone to deploy tokens without even writing a code. Specially useful for Meme tokens
Q->When is your presale? What are your plans and how are you going to execute it? How to participate? What are the prerequisites?
Just wanted to make an announcement. We are starting our private sale campaign to raise our first funds.
We will do presale after this round of private sale. Private investors will be early bird and will be taking the decision to trust us the first. As such, they will get special price.
We invite you those who want to be our private sale participant to join our announcement channel https://t.me/cardenceann asap. We will make announcement there within an hour.
Minimum amount for private round participation will be $ 500.
These guys will easily get 2x-3x on listing price itself.
We will be selling 5% of our supply in this round and plan to raise $75000. These funds will be entirely used for our presale marketing and tech development.
Private investors will get access to accounting of where their money was spent.
There were many questions of similar meaning which has been merged in this presentation.
Thanks & Regards
